90-1323 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

_____________________________________

XXXXX,

Petitioner, : ORDER OF APPROVAL

:

v. :

PROPERTY TAX DIVISION OF THE : Appeal No. 90-1323

UTAH STATE TAX COMMISSION, :

: Tax Type: Cent. Assessed

Respondent. :

_____________________________________

STATEMENT OF CASE

The above-captioned matter involves an appeal to the Utah State Tax Commission from the assessment by the Property Tax Division on the subject property. Petitioner asserted that the subject property should have a lower market value as of the lien date XXXXX.

Petitioner and Respondent have agreed that an adjustment of the valuation is necessary. The original XXXXX valuation computed by the Property Tax Division for the Utah operations of XXXXX was $$$$$$. The original assessment was based on an estimation due to an incomplete annual report being filed.

The Property Tax Division has conducted an audit which has resulted in a revised assessment. This revised assessment incorporates a cost approach of $$$$$, and an income approach of $$$$$ for a correlated system value of $$$$$. The market to cost ratio was determined to be XXXXX and the Utah allocation percentage was calculated as XXXXX. The Federally mandated relief percentage remains at XXXXX. Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax year.

Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. 592-1007, but elected not to do so.

ORDER

Based on the foregoing, the Utah State Tax Commission hereby finds the market value of the subject property for the tax year XXXXX is $$$$$.

The Property Tax Division is hereby ordered to adjust its records in accordance with this order of approval. The affected County Auditors are also authorized to adjust their records in accordance with the revised notice of assessment.

DATED this 25TH day of MARCH, 1993.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

R. H. Hansen Roger O. Tew

Chairman Commissioner

Joe B. Pacheco S. Blaine Willes

Commissioner Commissioner